Interest rates ranged from zero, for 30% of all accounts, to a national average of 0.47% across all banks.
The 6 most competitive banks offering the highest yields were:
Their combined market share of deposits increased 14% to 5%, compared to 2021.
| Top Rate | vs.'21 % | Average Rate | vs.'21 % |
|---|---|---|---|
| 1.7% | ↓ -20% | 0.48% | ↑ 239% |
Treasury Bills or T-Bills are short-term securities with maturity of one year or less. Bills are sold at face value or at a discount from the face value. When they mature, you're paid the face value.
A money market fund is a type of mutual fund that invests in highly liquid, short-term debt securities, such as U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities).
Startup banking provides an integrated stack of technology and financial services facilitating money management as well as connectivity between third-party apps and banking services.
High-yield savings account is a savings account with higher interest rate than traditional savings accounts, usually offered online-only.